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Oil and gas sectors showing strong growth second quarter, industry executives state

Biden Oil Moratorium
Posted at 5:56 PM, Jun 23, 2021
and last updated 2021-06-23 19:24:02-04

DALLAS, TX — Activity in the oil and gas sectors is continuing its strong growth in the second quarter of 2021, according to oil and gas executives.

In the most recent survey by the Dallas Federal Reserve Bank, the oil production index rose from 16.3 in the first quarter to 35 in quarter 2-making it the second-highest index reading since the survey's inception.

Meanwhile, natural gas production's index rose from 19 points to 35 points in the second quarter, Experts say, things are moving in a positive direction. However, there still a lot of ground to make up as a result of 2020.

"Going back to 2020 last year, after covid hit, we did have activity significantly decline we've seen it improve over the past few quarters, it's just nowhere near what we saw at the start of 2020, but it is an improving picture." shared Kunal Patel, business economist with Dallas Federal Reserve Bank. "You're seeing activity continue to increase you're seeing that employment starting to tick up a bit it's just that with the current regulatory environment there are still challenges ahead."

Employment numbers in the oil and gas sectors continue to improve from the first quarter to the second quarter.

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